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Mijnen,Rio...bhp

1. voda 3 augustus 2017 17:15

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   Rio Tinto announces cash generation of USD 6.3 billion and cash returns to shareholders of USD 3.0 billion
   
   Rio Tinto chief executive J-S Jacques said “Today we have announced total cash returns to shareholders of $3 billion. By driving performance, focusing on cash and allocating it with discipline we are delivering superior cash returns to our shareholders. These are strong results: operating cash flow was $6.3 billion and we met our $2 billion cash cost reduction target six months early. We are now shifting gear to focus on the untapped value from our productivity programme and continue to strengthen our portfolio to build higher returns for the future. We announced the sale of our thermal coal business in Australia for $2.7 billion and are making good progress on our compelling growth projects – Oyu Tolgoi, Amrun and Silvergrass.”
   
   First half 2017 highlights
   
   Generated operating cash flow of $6.3 billion, EBITDA1 of $9.0 billion and EBITDA margin2 of 45 per cent
   
   Delivered underlying earnings of $3.9 billion and net earnings of $3.3 billion
   Achieved $2.1 billion of pre-tax sustainable operating cash cost improvements3 in 2016 and 2017 first half, meeting the target six months ahead of schedule
   Strengthening the portfolio with all three growth projects on track and a $2.7 billion disposal announced in 2017 first half
   
   Reduced net debt by $2.0 billion to $7.6 billion, with gross debt4 lowered by $2.5 billion
   
   Returning cash to shareholders of $3.0 billion with respect to 2017 first half:
   Declared interim dividend of 110 US cents per share, equivalent to $2.0 billion
   An increased share buy-back of $1.0 billion in Rio Tinto plc shares by the end of 2017
   
   In total represents 75 per cent of 2017 first half underlying earnings
   
   Source : Strategic Research Institute
   
   Voor cijfers, zie PDF

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2. voda 3 augustus 2017 17:16

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   BHP denies it has agreed to sell Samarco stake to Vale
   
   Reuters reported that BHP Billiton on Tuesday denied commentary in a Brazilian newspaper that it has agreed to sell its stake in the Samarco iron ore mine to its partner Vale.
   
   The Samarco mine has been shut since November 2015, when a dam burst, unleashing a deluge of mud that killed 19 people and destroyed nearby towns.
   
   A columnist in the respected O Globo newspaper reported on Sunday that BHP wants to sell its stake and Vale wants to buy it. The column said the decision has been made.
   
   The column said that "It is something that will take more than six months to close.”
   
   BHP spokesman Ben Pratt said the report was "incorrect". He said that "There has been no agreement.”
   
   Asked whether BHP was looking to sell its stake, Mr Pratt said that "We remain committed to the long-term remediation of the Samarco project."
   
   Vale declined to comment.
   
   Source : Reuters

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3. voda 11 augustus 2017 16:35

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   BHP to build world’s largest nickel sulfate plant as EV market eyed
   
   The Australian reported that BHP Billiton’s resurgent nickel division will build the world’s biggest nickel sulfate plant, as it looks to tap into what could be a game-changing new source of demand from the electric vehicle sector. The nickel division, which only a few years ago was facing closure, will instead pump USD 43.2 million into a downstream processing plant at Kwinana, south of Perth, as part of a broader plan to reposition the business around the burgeoning lithium ion battery market.
   
   BHP Nickel chief Eddy Haegel told The Australian he believed that demand from the battery market could account for about 90 per cent of BHP’s nickel output within five or six years, up from about 10 per cent presently.
   
   The battery sector, he said, was willing to pay for the quality of the material out of BHP’s Nickel West business, opening up a potentially lucrative market for a nickel industry that has been swamped by weak prices for several years.
   
   While excitement around the potential of lithium-ion batteries and energy storage systems such as those being built by Tesla has already inspired a boom in lithium and graphite stocks, Mr Haegel noted that lithium-ion batteries included far more nickel than lithium.
   
   Mr Haegel said that “Lithium-ion batteries are growing at spectacular rates, the role of nickel is significant in lithium-ion batteries and the concentration of nickel is increasing because it increases energy density and gives greater range.”
   
   The new sulfate plant will produce 100,000 tonnes a year of nickel sulfate hexahydrate, and will be bigger than any other similar facility currently in operation around the world. The company will also contemplate a doubling in output once the first phase is complete.
   
   Nickel sulfate is a powder material that is particularly amenable for use in batteries, and consistently fetches a material price premium to typical nickel metal cathode and concentrate.
   
   Importantly for Australian nickel sulphide producers like BHP, Western Areas and Independence Group, the nickel pig iron produced by the likes of The Philippines and Indonesia and the production from the big nickel laterite projects are generally not suitable for use in batteries.
   
   The nickel price has been in the doldrums for several years, with the low-grade nickel pig iron keeping a lid on prices, but BHP and others are now expecting demand from the batteries industry to help unwind that.
   
   Mr Haegel said that “We have the largest nickel powder producer in the world; we are in a country with a free-trade agreement with the three major growing countries of China, South Korea and Japan. We can get significant leverage from doing this at the refinery because of all the installed infrastructure already there. We believe we can be highly competitive in this space and that’s why we’re making this investment.”
   
   Nickel West has been rejuvenated in recent years. Its future looked to be under a cloud not long ago when a sales process failed to identify a buyer and it appeared to be an orphan when it was left out of the South32 spin-off of BHP’s other non-core assets.
   
   It was slated for closure by 2019 but a series of improvements have improved the viability of the business, with Mr Haegel now increasingly confident Nickel West will continue out to 2040.
   
   He said the business had benefited from being given free rein by BHP.
   
   Source : The Australian
4. voda 11 augustus 2017 16:44

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   Rio Tinto’s sale of coal mines hits a snag after hedge fund objects
   
   The Telegraph reported that the sale of Rio Tinto’s Australian coal mines may have hit a snag after a minority shareholder in Yancoal, the buyer of the operation, declared its opposition to the deal. Senrigan Capital, a hedge fund based in Hong Kong, has complained to the Australian Takeover Panel that Yancoal’s plans to fund the USD 2.69 bilion purchase by raising USD 2.35 bilion in a rights issue was “prejudicial” to the interests of minority shareholders, who could find their stakes diluted out of existence if they are unwilling to subscribe for more shares.
   
   The equity raise, which will involve the issuing of 23.6 new shares for every one currently held, was “unnecessarily highly dilutive and ‘value shifting’”, Senrigan told the Takeover Panel, adding: “[It] does not allow existing minority shareholders a reasonable and equal opportunity to participate.” Yancoal’s parent company Yanzhou – which is backed by the Chinese state – has agreed to take up USD 1bn of the new shares on offer, with the rest being underwritten by two other Chinese firms and Glencore, which will buy up $350m.
   
   Senrigan argued that the other Chinese investors were associates of Yanzhou, and therefore the Chinese group would see its voting power rise from 78pc to 89.15pc as a result.
   
   Last week it was reported that Noble Group, the struggling Singapore-based commodity trader that owns 13pc of Yancoal, was also opposed to the equity raise.
   
   Both shareholders successfully appealed to the Takeover Panel in 2014 against an earlier fundraising by Yancoal. The size of Senrigan’s stake in Yancoal, though small, consists of shares and “cash settled equity swaps”, according to the Panel.
   
   The Takeover Panel said it had not yet decided whether to investigate the matter.
   
   Yancoal first bid for Rio’s coal mines in New South Wales in January, after the FTSE 100 giant declared its intention to back out of fossil fuels. It sparked a bidding war with Glencore earlier this summer, with the Switzerland-based group keen to pair the Rio assets with its own operations in the same valley.
   
   Though Glencore lost its bid to gain outright control, it subsequently struck an agreement to buy a stake in the mines from Yancoal once its deal with Rio completes.
   
   Source : The Telegraph
5. voda 16 augustus 2017 16:55

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   Glencore eying Rio Tinto’s Pacific Aluminium business - Report
   
   The Australian reported that US based Century Aluminium and Glencore are believed to be circling Rio Tinto’s Pacific Aluminium business, which is up for sale through Deutsche Bank for potentially as much as USD 1 billion.
   
   Rio tried to sell the division about two years ago through Deutsche’s European rival Credit Suisse, but a suitable buyer was not found. At that time, the business was said to be worth about USD 1 billion, but the thinking is that it might now go for less, as Rio looks to clear the decks.
   
   The division owns smelters in Australia and New Zealand, including the Bell Bay Aluminium smelter in Tasmania and Boyne smelter 20km south of Gladstone on the central Queensland coast, which produces 210,000 tonnes of aluminium annually. It also owns the Gladstone Power Station, the Tomago Aluminium smelter 13km northwest of Newcastle and a majority stake in the New Zealand Aluminium Smelters business that includes the country’s only aluminium smelter at Tiwai Point in Southland.
   
   Century Aluminium is a global primary aluminium producer and operates aluminium facilities in the US and Iceland.
   
   Glencore recently partnered with Yancoal to buy Rio’s Coal and Allied business, comprising coalmines in the Hunter Valley for USD 3.5 billion.
   
   Deutsche is working on the aluminium assets sale as Credit Suisse prepares to launch the process to sell Rio’s Hail Creek and Kestrel mines in Queensland, estimated to be worth about USD 2 billion.
   
   Suggestions around the market are that the information memorandums are expected to hit the desks of prospective suitors around October 1.
   
   Source : The Australian

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6. voda 16 augustus 2017 16:56

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   Vale looking at layoffs in Sudbury
   
   The Sudbury Star reported that Vale Ltd employees in Sudbury are bracing for possible layoffs after viewing a company video in recent days they say warned that the Brazil-based mining giant could soon be making cuts.
   
   One source, who requested anonymity said that "It seemed like a threat. It's coming right from Brazil.”
   
   Another source, also a Vale employee, told The Star he had also seen a company video in recent days that warned of possible reductions. He said he came away with the impression there would be "significant" job losses.
   
   The sources said that they have been given no details of how many jobs will be cut or when, or if layoffs would be permanent or temporary, but that they could affect members of both Local 6500 and Local 2020 of the Steelworkers. Local 6500 represents production workers, while Local 2020 represents office, clerical and technical staff in Sudbury.
   
   The Star has been told Local 6500 held a membership meeting two weeks ago to talk about possible layoffs. Efforts to reach union executives for comment have so far been unsuccessful.
   
   When contacted by The Star, Vale officials said at that time no decisions had been made.
   
   Danica Pagnutti, a corporate affairs specialist for Vale Canada Ltd said that "We have been very open with our employees about the challenges our business is facing. However, no final decisions have been made and we have not made any announcements regarding reductions to our workforce."
   
   Vale operates five mines in Sudbury, as well as a mill, a smelter, a refinery and employs nearly 4,000 workers. It mines nickel, copper, cobalt, platinum group metals, gold and silver.
   
   However, nickel prices have remained low this year, at times dropping below USD 4 per pound, although they have rebounded in recent weeks and is moving closer to the USD 5 mark.
   
   Last month, Vale said it would seek out fresh copper mining options and stop expanding nickel production capacity after second-quarter net income plunged on forex losses, rising costs and weaker iron ore prices.
   
   Source : The Sudbury Star
7. voda 18 augustus 2017 15:14

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   Vale to speed up listing in strictest Brazil market
   
   Reuters reported that Vale SA's stock conversion plan could lead the world's No. 1 iron ore producer to speed up the listing of common shares in Brazil's strictest market to lure a broader investor base. Chief Executive Officer Fabio Schvartsman told investors in a conference call that the conversion plan, which ended last week, was "a success." A total 1.66 billion Vale preferred shares, or 84.4% of that class of stock in circulation, joined the plan, topping a minimum 54.09% threshold.
   
   Chief Financial Officer Luciano Siani said that Vale was not considering cash incentives to buy back stock from investors who did not swap their preferred shares into common ones.
   
   The executives said that while the company expected to join the Sao Paulo Stock Exchange's Novo Mercado, the bourse's strictest chapter, by 2020, the move could come as early as this year.
   
   By merging Vale's different classes of stock into a single, common one, the company may become more attractive to Asian investors and specialized mining and metal investment firms, Siani told the Reuters Latin American Investment Summit last week.
   
   Mr Schvartsman said that "We are working with our legal advisers to do the Novo Mercado listing as quickly as possible.”
   
   The new share structure represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors. Reuters reported the plan on Jan. 19, citing people familiar with it.
   
   The plan limits politicians' involvement in Vale, something that weighed on the company's stock during former President Dilma Rousseff's five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.
   
   Source : Reuters
8. voda 21 augustus 2017 16:49

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   Decmil wins BHP iron ore contract
   
   The Australian reported that Perth-based engineering and construction group Decmil has been awarded a AUD 13 million contract with BHP Billiton Iron Ore to conduct initial works at the South Flank project in the Pilbara region of Western Australia.
   
   The contract includes civil and enabling works for the expansion of the Mulla Mulla village, which is required to support both current operations at Mining Area C and the South Flank project, subject to approvals.
   
   Decmil currently has project teams at a number of major WA iron ore projects and has worked as a contractor to the sector for almost 40 years.
   
   The contract win follows from Decmil being appointed the preferred contractor for the supply of modular prison cells for the New Zealand Department of Corrections earlier this month.
   
   Source : The Australian
9. haas 22 augustus 2017 00:54

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   BHP Billiton will try to exit its US shale assets, as it swung back to a $US5.9bn net profit but missed expectations.
10. voda 22 augustus 2017 16:23

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    BHP Billiton buigt verlies om in winst
    
    Australische mijnbouwer boekt hogere omzet.
    
    (ABM FN-Dow Jones) BHP Billiton heeft het afgelopen boekjaar een verlies weten om te buigen in een winst, onder meer dankzij een hogere omzet. Dit meldde de Australische mijnbouwer dinsdag voorbeurs.
    
    BHP CEO Andrew Mackenzie sprak van een sterk boekjaar, waarbij het concern een vrije kasstroom realiseerde van 12,6 miljard dollar, het op één na hoogste record ooit dankzij hogere grondstofprijzen en een betere productiviteit.
    
    "We hebben dit geld gebruikt om de nettoschuld met bijna 10 miljard dollar te verminderen", zei de bestuurder. Mackenzie benadrukte dat het sterke momentum in het nieuwe boekjaar 2018 zal doorzetten, met een volumegroei van zeven procent en een stijging van de productiviteit, een focus op kasstroom, kapitaaldiscipline en waardecreatie.
    
    BHP Billiton boekte het afgelopen boekjaar, dat eindigde op 30 juni, een winst voor belasting 10,3 miljard dollar, in vergelijking tot een verlies van 7,3 miljard dollar in dezelfde periode een jaar eerder. Onder de streep resteerde een nettowinst van 5,9 miljard dollar, tegenover een verlies van 6,4 miljard dollar een jaar eerder.
    
    De omzet steeg van 30,9 miljard dollar in het voorgaande gebroken boekjaar naar 38,3 miljard dollar het afgelopen jaar.
    
    Outlook
    
    BHP Billiton verwacht dat de mondiale economisch groei in 2017 aan de bovenkant van de eerder afgegeven bandbreedte van 3,0 tot 3,5 procent zal uitkomen. Voor het boekjaar 2018 voorziet het concern voor China een bescheiden vertraging van de economische groei. De mijnbouwer mikt op een economische groei in China van 6,5 tot 7,0 procent. De vooruitzichten op de middellange termijn voor de Amerikaanse economie zijn volgens BHP Billiton onzeker. Voor Europa en Japan voorziet de mijnbouwer voor de middellange termijn lichte opwaartse groei, aangezien het monetaire beleid de grenzen van zijn effectiviteit heeft bereikt.
    
    Door: ABM Financial News.
    
    info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
    
    Copyright ABM Financial News. All rights reserved
    
    (END) Dow Jones Newswires
11. voda 22 augustus 2017 16:28

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    BHP Billiton wil van schaliegastak VS af
    
    Gepubliceerd op 22 aug 2017 om 10:10 | Views: 926
    
    BHP Billiton Plc 16:08
    1.406,00 +40,00 (+2,93%)
    
    MELBOURNE (AFN) - De Australische mijnbouwgigant BHP Billiton gaat zijn schaliegasactiviteiten in de Verenigde Staten van de hand doen. Dat kondigde het bedrijf aan na maandenlange druk van onder meer de activistische aandeelhouder Elliott. BHP Billiton stelt een stap in het winnen van potas, een grondstof voor mest, uit.
    
    BHP stapte in 2011 in het schaliegas toen de prijs van een vat olie nog boven de 100 dollar lag. Inmiddels is dat minder dan 50 dollar. Volgens de nieuwe topman Ken MacKenzie zijn de Amerikaanse schaliegasactiviteiten te duur aangekocht, was er sprake van een investering op een slecht moment en bracht de tak niet de inkomsten die ervan verwacht werden.
    
    BHP had verder een operationele winst van bijna 12 miljard dollar, zo'n 10 miljard euro, over het gebroken boekjaar 2016/2017. Vorig jaar werd nog een operationeel verlies van ruim 6 miljard dollar geleden.
12. voda 23 augustus 2017 17:02

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    BHPB announces copper production update for 2017
    
    BHPB announced that its total copper production for the 2017 financial year decreased by 16% to 1,326 kilo tonne primarily due to reduced volumes following industrial action at Escondida, and the power outage and unplanned maintenance at Olympic Dam.
    T
    Source : Strategic Research Institute
13. voda 24 augustus 2017 17:17

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    BHP appoints Mr Terry Bowen and Mr John Mogford as independent directors
    
    BHP Chairman, Jac Nasser, announced the appointment of Terry Bowen and John Mogford to the BHP Board as independent Non-executive Directors, effective 1 October 2017.
    
    Mr Bowen has over 25 years of strategic, operational and financial experience across a range of sectors. He has been the Finance Director of Wesfarmers Limited for the past eight years. (He will retire from that position towards the end of this calendar year.) During his time as Finance Director of Wesfarmers, Mr Bowen has been responsible for the disciplined allocation of capital among its 38 businesses across different industries. Mr Bowen has also had extensive experience transforming and operating businesses in the Wesfarmers structure, with a focus on improved cashflow and cost efficiency.
    
    Mr Mogford has over 40 years of experience in the oil and gas sector, including 33 years at BP Plc in technical, operational and leadership roles. While at BP, Mr Mogford acquired deep experience across the oil and gas business, working in the areas of exploration, downstream, upstream, safety and technology. Mr Mogford also has private equity and strategic experience in the energy sector, holding the roles of Managing Director and Operating Partner at First Reserve Corporation from 2009 to 2015, and as a Senior Advisor to the Head of the Oil and Gas Practice at Nomura Investment Bank from 2010 to 2013.
    
    Source : Strategic Research Institute
14. voda 24 augustus 2017 17:23

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    BHPB iron ore production update for 2017
    
    BHPB announced that total iron ore production for the 2017 financial year increased by four per cent to 231 million tonne following record annual production at Western Australia Iron Ore which reflected strong productivity improvements across the supply chain as well as the commissioning of a new primary crusher and additional conveying capacity at Jimblebar.
    
    WAIO production is expected to increase to between 239 and 243 million tonne, or between 275 and 280 million tonne on a 100 per cent basis, in the 2018 financial year. This reflects continued productivity improvements and improved reliability across the supply chain. Volumes are expected be weighted to the last three quarters of the financial year, as scheduled port debottle necking activities and lower stockpile levels, following the fire at the Mt Whaleback screening plant in June 2017, will impact the September 2017 quarter. BHP will continue to work with the relevant authorities in relation to the necessary approvals to increase system capacity to 290 million tonne per annum (100 per cent basis).
    
    Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
    
    In June 2017, BHP approved initial funding of USD 184 million (BHP share) for the South Flank sustaining mine project. The initial funding will be used primarily for the expansion of accommodation facilities to support construction and future operational workforce requirements. The capital cost for South Flank is expected to be in the range of US$30 to US$40 per tonne, with expenditure fitting within WAIO’s previously indicated average annual sustaining capital expenditure of USD 4 per tonne over the next five years.
    
    WAIO unit cash costs decreased by three per cent to USD 14.60 per tonne, underpinned by reductions in labour and contractor costs and increased equipment productivity. This was partially offset by a stronger Australian dollar, a stock write-off at Yandi of USD 0.15 per tonne and additional costs related to the accelerated rail renewal and maintenance program of USD 0.20 per tonne, which was completed in May 2017. In the 2018 financial year, unit costs are expected to decline further to below USD 14 per tonne.
    
    Source : Strategic Research Institute

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15. voda 20 september 2017 17:05

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    Mr Chris Lynch to retire as Rio Tinto chief financial officer
    
    Rio Tinto chief financial officer Chris Lynch has informed the board that he intends to retire from his role by the end of September 2018. Rio Tinto chief executive J-S Jacques said that “Chris has made an outstanding contribution to the performance of Rio Tinto since he was appointed CFO in 2013 and I would like to personally thank him for his wise counsel and support since my appointment as chief executive. He has committed to remain with the Group to ensure a smooth transition.”
    
    Planning for the chief financial officer succession has been in progress and a replacement will be announced in due course.
    
    Mr Chris joined the Rio Tinto board in September 2011 and was appointed chief financial officer in April 2013.
    
    Source : Strategic Research Institute

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16. voda 21 september 2017 15:16

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    BHP pressed to quit Australian mining lobby over climate views
    
    Reuters reported that BHP urged shareholders to vote down a resolution aimed at getting the mining giant to quit Australia's top mining lobby group, but said it will separately review its membership of industry bodies.
    
    BHP agreed to let shareholders vote on the resolution submitted by an ethical investing group, the Australasian Centre for Corporate Responsibility (ACCR), which said that BHP should quit any industry groups whose views on climate change and energy policy conflict with the company's own views.
    
    The dual-listed miner will hold annual general meetings in London on Oct. 19 and in Australia on Nov. 16.
    
    BHP has long acknowledged that global warming is occurring and that the world must limit climate change. It has called for Australia to put a price on carbon, allow energy markets to operate freely and adopt a technology-neutral clean energy target as recommended by the country's chief scientist.
    
    In contrast, the Minerals Council of Australia vociferously campaigned to kill Australia's carbon price, and is pushing for government support for new coal-fired power plants.
    
    The ACCR is calling for BHP to review its membership or representation in industry bodies lobbying on energy and climate change and quit any bodies where it pays a membership fee if their positions do not align with the company's views.
    
    BHP said its board was "supportive of some elements" of one of two proposed resolutions, but recommended that shareholders vote against it as the resolution as a whole was not in the company's interests.
    
    The company instead planned to review all its memberships and spell out any big differences it has with industry associations on key issues by December, it said on its web site on Tuesday.
    
    BHP said that "We believe that by working within associations, we can, with other like-minded members, seek to exert a positive influence on the industry as a whole.”
    
    Source : Reuters
17. voda 21 september 2017 15:20

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    Over 24 Km of underground explorations last year in Iran
    
    Financial Tribune reported that over 24,640 meters of underground mining exploration were undertaken in the last fiscal year (ended March 20, 2017) by Iran Minerals Production and Supply Company. According to Mr Hesam Moqaddam-Ali head of exploration operations of IMPASCO, exploration for iron ore deposits accounted for 14,321 meters of the total underground operations, followed by 5,300 meters for coal and 5,021 meters for polymetals.
    
    IMPASCO is a subsidiary of the Iranian Mines and Mining Industries Development and Renovation Organization and the holding’s production and processing arm in metallurgic coke, iron ore, gold, ferrochrome, phosphate, limestone, potash, titanium and lead and zinc, according to data on the company’s website.
    
    Iran is home to 68 types of minerals with over 37 billion tons of proven and 57 billion tonne of potential reserves, including large deposits of coal, iron ore, copper, lead, zinc, chromium, uranium and gold. The numbers, although substantial, could prove inadequate for the realization of the industry’s capacity expansion targets. The 20-Year Vision Plan (2005-25) stipulates the annual production of 55 million tonne of steel, 800,000 tonne of copper, 1.5 million tonne of aluminum, 300,000 tonne of zinc and 5 tonne of gold by the end of 2025.
    
    Source : Financial Tribune
18. voda 22 september 2017 15:40

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    Mr Anil Agarwal to strengthen hold on Anglo American
    
    Mr Anil Agarwal, the Indian billionaire who earlier this year made a surprise GBP 2 billion investment in Anglo American, looks set to tighten his grip on the London-based miner, revealing plans to buy up to a further GBP 1.5 billion in shares. This would take his existing 13pc stake in Anglo to a holding of just over 20pc, meaning he would leapfrog Public Investment Corp to become the miner's largest stakeholder. All those shares have voting rights.
    
    Anglo American last year rebuffed a takeover approach from Mr Agarwal, who was seeking to combine the business with Hindustan Zinc, the Indian miner he controls through FTSE 250-listed Vedanta Resources. He said earlier this year that it had been a "good match" but that it was "a transaction that still needs to be digested", prompting speculation he would push for a tie-up.
    
    However, on the GBP 2 billion investment in Anglo earlier this year, Mr Agarwal had claimed he was not planning to make a takeover offer for the group and instead said the deal was an "attractive investment".
    
    Mr Agarwal is seeking to buy the additional shares through his family trust, Volcan Investments, and said he would invest between GBP 1.25 billion and GBP 1.5 billion. He said in a statement that he was "encouraged by the performance of Anglo American since our original investment earlier this year. The company has made good progress in its operational and financial performance and remains an attractive investment for our family trust."
    
    Anglo American in July said the surge in profits had helped it pay off more debt than planned, thanks to rising iron ore and coal prices. As such, it said it would be reinstating its dividend six months earlier than planned.
    
    Source : Telegraph India

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19. voda 28 september 2017 16:58

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    BHP sees metals demand rising on e-mobility, China projects
    
    DW.com reported that BHP Billiton's Chief Commercial Officer, Mr Arnoud Balhuizen said that 2017 would come to be the "tipping point" for electric vehicles, boosting demand for commodities, mainly for copper and nickel. Mr Balhuizen at an event in Singapore, organized by the news agency Reuters said that "I think if we look back in a few years we would call 2017 the tipping point of electric vehicles.”
    
    Electric cars add up to roughly 1 million, out of a global fleet of closer to 1.1 billion. But BHP forecasts that figure could rise to 140 million vehicles, or 8 percent of the global car fleet, by 2035.
    
    He said that "Industry forecasts are catching up, the overall consensus is becoming greener.”
    
    According to BHP forecasts, the impact of the change would be felt first in copper, where supply will struggle to match increased demand due to hardly any new discoveries in the last two decades.
    
    The market, Mr Balhuizen noted, may have underestimated the impact on copper demand of what would be a dramatic change, given fully electric vehicles require four times as much copper as cars that run on combustion engines.
    
    For oil, though, the impact of the electric car boom may take longer to be felt, because the BHP official said he expected improvements in the internal combustion engine over the next 10 to 15 years.
    
    China's efforts to build a new Silk Road are another major factor influencing demand for metals in the near term, according to BHP. The country's ambitious "One Belt, One Road" initiative could result in additional steel demand of 150 million tones.
    
    China's president Xii Jinping has unveiled a plan to revive the ancient trade rout and tie China closer to over 68 regions and countries in Central Asia, Southeast Asia and the Middle East.
    
    Source : DW.com
20. voda 28 september 2017 16:59

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    China’s B&R Initiative to boost steel demand by 150 million tonnes - BHP Billiton
    
    ECNS reported that according to mining giant BHP Billiton, the Belt and Road Initiative will see China's steel output maintain its current high levels, with production set to peak by the middle of next decade. BHP estimates that various projects being implemented under the flag of the Belt and Road will push incremental steel demand up by 150 million tonnes over the next decade. In the 68 Belt and Road countries and regions, this would represent growth in local demand of three to four percent per year, double the rate seen since 2011.
    
    BHP's report, compiled by analyzing 2,000 projects linked to the initiative and focusing on what it identifies as 400 core projects, states that Chinese mills are in prime position to supply the steel required along the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
    
    BHP's report finds that of the 68 countries and regions that make up the Belt and Road countries, only 10 are net exporters of steel, and 20 don't have any steel smelting capacity at all. This puts China, which is still looking to cut overcapacity in its steel sector as part of ongoing supply-side reform, in pole position to provide steel for projects that BHP estimates will cost USD 1.3 trillion.
    
    BHP's report suggests that of the 150 million tonnes of extra steel required by the Belt and Road, 80% would be used in structures and reinforced concrete, with 20% going into machinery and other equipment."
    
    BHP's research finds that 70% of Belt and Road projects are focused on developing infrastructure like power, railways, pipelines and other transport projects.
    
    BHP suggests that the Belt and Road Initiative will be a catalyst for a virtuous cycle of economic development rather than providing funding for everybody's infrastructure needs, citing the Asian Development Bank's estimate that Asia needs USD 26 trillion in infrastructure investment by 2030, implying USD 1.7 trillion in spending per year."
    
    BHP estimates that China will ultimately double its accumulated stock of steel in use, which is currently about 6 tonnes per capita.
    
    However, if China is going to be the main source of steel for Belt and Road projects, it remains unclear how the continued demand for its output will play out alongside the government's pledge to tackle air pollution.
    
    Source : ECNS